Reassessment notices are coming in....

[Fedor Volkov]

Hello Chicago, 

Newbie question here on tax reassessments. 

1. Just got my reassessment notice and the value went 50% up. This doesn't mean that my property tax will go up by 50% correct? Is there a way to estimate the impact on the bill? 

2. Do you have any recommendations on property tax appeal lawyers? 

Thanks!

[John Clark]

Property taxes are the product of the assessed value time the tax rate. As of now, the tax rate is unknown, so your taxes are unknown.

What you need to do is appeal/protest the assessed value. Get that down so that the tax rate (which will be determined in mid-2022 for 2021 taxes) is applied against a lower assessed value.